Micro, small and medium enterprises (MSMEs) may not receive more benefits under the Goods & Services Tax (GST) regime before the 2019 general elections as there has been a consistent fall in collections, The Financial Express reported.
The GST structure might not see any major change and even the new return filing system may not be implemented until the Lok Sabha polls are concluded and the new government assumes office, the report said.
“Tax officials and the political dispensation are wary of implementing new measures close to general elections. Apart from revenue considerations, we also have to factor in the income tax-related issues that may arise after implementation,” a source told the paper. Click to read more
The finance ministry has extended the exemptions granted to Export Oriented Units and Software Technology Parks of India from payment of the integrated goods and service tax and compensation cess by six months till March 31, 2019.
The IGST and cess exemption to EOUs and STPI was scheduled to come to an end on Sept. 30.
Through a notification, the Central Board of Indirect Taxes and Customs said that taxes would be levied on these units under the GST ambit with effect from April 1, 2019. Click to read more
A persistent shortfall in the goods and services tax (GST) collections has forced the GST Council to move slowly on the plans to give more sops to micro, small and medium enterprises (MSMEs). Till the next
elections, the GST structure might not see any major change, sources said, adding that even the new return filing system may have to wait till the polls are concluded and the new government assumes office. Click to read more
The deficit in state revenues from the Goods and Services Tax (GST) is declining, shows data shared with states, Business Standard has reported. The average monthly shortfall in state GST and IGST had fallen from 28.3 per cent of the monthly targeted in August 2017 to 23.7 per cent in February. The average monthly shortfall in GST collection has been 13 per cent for the period August 2017 to June 2017.
As per Business Standard analysis, GST collections up to June 2018, states on an average, faced a monthly average gap of Rs 5,986 crore. This gap amounted to a monthly shortage of 13 per cent over the average monthly target of Rs 44,620 crore. The shortfall will be met through the compensation cess. Click to read more
The share price of private lender Yes Bank finally saw a ray of hope on stock exchanges today, as it surged over 5.45% with an intraday high of Rs 238.60 per piece so far on BSE. However, at around 1303 hours, the bank was trading at Rs 231.90 per piece up by Rs 5.65 or 2.50%. Yesterday, on Nifty 50, the bank clocked a new low of Rs 215.85 per piece, and has managed to reverse its losses. The reason behind uptick was ahead of the board meeting held today to decide future course of the bank after RBI asked their chief Rana Kapoor to exit from MD & CEO post by January 2019 end. Also, some of the gains were led on the clarification over a report that stated – “RBI slaps Yes Bank with Rs. 38 Crore over GST Violations.” Click to read more
The Union Cabinet is likely to consider Wednesday the proposal to convert GST Network (GSTN) into a government-owned company.
The GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state finance ministers, had in May agreed to a proposal to make GSTN a government company, with Centre owning 50 per cent stake and states together holding the remaining 50 per cent.
Converting GSTN to a government company may be considered by the Cabinet tomorrow,” a source said. Click to read more
India requires foreign e-commerce companies to apply for the goods and services tax (GST) registration in every state.
The federal government has notified new provisions for tax collected at source (TCS) and tax deducted at source (TDS) under the GST law with effect from October 1, 2018.
The GST, which subsumed over a dozen indirect taxes, was rolled out from July 1, last year. To make it simpler for businesses to transit into the new tax system, the Indian government had suspended the TDS and TCS provisions until now. Click to read more
The finance ministry has extended by six months till March 31, 2019 exemptions granted to EoUs and STPIs from payment of IGST and compensation cess.
The Integrated GST (IGST) and cess exemption to Export Oriented Units (EoUs) and Software Technology NSE 0.00 % Parks of India (STPI) was scheduled to come to an end on September 30.
Through a notification, the Central Board of Indirect Taxes and Customs (CBIC) said that taxes would be levied on these units under the Goods and Services Tax (GST) with effect from April 1, 2019. Click to read more